BEACHWOOD, OH-Locally based DDR Corp. has sold two enclosed shopping malls in the Midwest in two separate transactions. The sale price was not disclosed.
A joint venture of Pine Tree Commercial Realty LLC, the Sansone Group and Wanxiang America Real Estate Group has purchased the 269,328-square-foot Times Square Mall in Mount Vernon, IL. The complex, on the southeast corner of Broadway and 42nd streets, includes retailers Sears, JCPenney, Dunham Sports and Peebles.
The 276,849-square-foot enclosed Quincy Place Mall in Ottumwa, IA, was purchased by New York City-based GJ Realty. The center is on the southeast corner of US Route 34 and Quincy Avenue, and includes Herberger’s, JCPenney and Dollar Tree, as well as shadow-anchor Target. Lexington Realty International, based in New Jersey, will reportedly manage the mall.
Ben Wineman with Mid-America Real Estate Corp. represented DDR in the sale. A Mid-America spokeswoman tells GlobeSt.com that Quincy Place was 65% leased and Times Square Mall was 82% leased at the time of the sales. She says DDR will not answer why they sold the properties.
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